Toyota's Financials Hit By Earthquake
Toyota today announced financial results for the quarter ended June 30, 2011. It was the first full quarter after the March 11 earthquake and tsunami which severely affected production and sales at home and abroad. The results reflect this.
Consolidated vehicle sales for the first quarter totaled 1.22 million units, a decrease of 599,000 units compared to the same period in the prior year.
Bertel Schmitt comes back to journalism after taking a 35 year break in advertising and marketing. He ran and owned advertising agencies in Duesseldorf, Germany, and New York City. Volkswagen A.G. was Bertel's most important corporate account. Schmitt's advertising and marketing career touched many corners of the industry with a special focus on automotive products and services. Since 2004, he lives in Japan and China with his wife <a href="http://www.tomokoandbertel.com"> Tomoko </a>. Bertel Schmitt is a founding board member of the <a href="http://www.offshoresuperseries.com"> Offshore Super Series </a>, an American offshore powerboat racing organization. He is co-owner of the racing team Typhoon.
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Ouch!!!
Toyota sells 19 models and make 12 here. So they were selling them everywhere but here? From Detroit Free Press: "Toyota sold 22% fewer vehicles worldwide during the quarter, but sales in North America tumbled 47.5% to 276,000 cars and trucks." Do we have a tsunami here too?
It is pretty impressive that Toyota managed to stay in the black considering the hit they took in the last few months. Toyota should recover well in the second half given how much pent up demand exists in Japan and North America for their cars. First half sales at 3.01 Million seem pretty far off from VW(4M+) and GM(4.7M+), but Toyota will def. recover faster and close the gap in the second half. A strong Toyota is what keeps Ford and GM competitive.